[Click e-Stock] "Neowiz Dreams of Becoming the 'Capcom of Korea'"

Strong Q2 Performance Driven by "Lies of P" DLC Success
Anticipation Builds for Five New Console Titles in 2026

Neowiz has demonstrated its capabilities as a console game developer with "Lies of P" and showcased the potential for long-term hit intellectual property (IP) with "Brown Dust." As the company continues to deliver solid performance, there are growing expectations for significant growth potential in the future.

On August 11, NH Investment & Securities maintained its target price for Neowiz at 35,000 won and its "Buy" investment rating, citing these factors. The previous trading day's closing price was 24,700 won.

This outlook is based on the success of the new downloadable content (DLC) "Lies of P: Prologue" from the "Lies of P" series, which has proven the potential for IP expansion and the company's development capabilities in the console game market. Although it has been two years since its release, "Brown Dust 2" has shown a reversal in sales trends, raising expectations for revenue growth and increased IP value through long-term popularity.

In particular, Neowiz is now focusing on a full-scale entry into the console market, using "Lies of P" as a springboard. Starting next year and beyond, the company is preparing five new console titles, including a new life simulation game, a new survival action-adventure game, the next installment of Lies of P, and two publishing games.

The company's performance in the second quarter of this year also exceeded expectations. Revenue reached 110 billion won, and operating profit was 18.6 billion won, marking increases of 26.4% and 291.8%, respectively, compared to the same period last year. In particular, operating profit far surpassed the market consensus of 12.5 billion won. The launch of "Lies of P: Prologue" boosted sales of the original version, and the revenue from Brown Dust 2 also increased significantly following its second anniversary event.

By segment, PC/console game revenue was 57.5 billion won, up 54.3% year-on-year. Mobile game revenue also rose 15.4% during the same period, totaling 44 billion won.

An Jaemin, a researcher at NH Investment & Securities, explained, "The back-to-back success of the 'Lies of P' series demonstrated Neowiz's capabilities as a console developer, while the success of Brown Dust proved the potential of its IP. As the company prepares to launch major console titles, continued attention is warranted."

This content was produced with the assistance of AI translation services.